If you are a motor dealer offering finance options to your customers, Financial Conduct Authority (FCA) authorisation for motor dealers is essential. Whether you need Limited Permission or Full Permission, the process can be complex. This guide simplifies the requirements and explains how we can help you successfully apply for your FCA dealership licence.
Do You Need FCA Authorisation?
If your dealership introduces customers to finance providers, you are acting as a credit broker and require FCA authorisation. The type of permission you need depends on how you operate:
- Limited Permission: If you offer finance as a secondary service, such as introducing customers to lenders when selling vehicles.
- Full Permission: If you provide finance options beyond vehicle sales, such as offering unsecured personal loans or refinancing options.
The FCA also provide guidance here. Additionally we are also available to chat through which authorisation and permissions are best for your business model.
How to Apply for FCA Authorisation for Motor Dealers
Step 1: Determine Your Permission Type
- If you own the vehicles you sell and introduce customers to third-party finance providers, you likely need Limited Permission.
- If you introduce customers to finance options beyond vehicle purchases, you will require Full Permission.
During an initial call, we can help determine which Permission will be appropriate for you.
Step 2: Prepare Your Application
Next, we’ll help you prepare the key documents. Specifically, the FCA requires detailed information, including:
- Business Model: Outline your dealership’s operations and how finance is incorporated.
- Consumer Protection Measures: Show how you ensure fair treatment of customers.
- Financial Promotions Policy: Demonstrate how you communicate finance options transparently.
- Regulatory Business Plan (RBP): Explain how you meet FCA’s consumer duty requirements and other details about the business.
When supporting you to submit your FCA application, we help complete all these documents, including providing the templates.
Step 3: Submit the Application via FCA’s Connect System
- Register on the FCA’s Connect platform.
- Upload all required documents.
- Pay the application fee (varies based on permission type).
We help set up the Connect submission by completing all the information, ensuring you are selecting the right application, and uploading all the documents correctly.
Step 4: FCA Review and Decision
- The FCA may request additional information.
- Approval typically takes 6 months, also this can vary depending on workload
- Once authorised, your firm must comply with ongoing FCA reporting and conduct rules.
Whilst your application is with the FCA, we are on standby to support with additional questions.
Get Your FCA Authorisation for Motor Dealers started
Navigating FCA compliance can be overwhelming, but we can provide expert support to simplify the process.
Our services include:
✅ Assessing whether you need Limited or Full Permission.
✅ Assisting in drafting a Regulatory Business Plan (RBP) and the required compliance policies.
✅ Ensuring your application meets FCA compliance standards.
✅ Assistance with FCA follow up questions.
Get Expert Help Today!
Applying for an FCA dealership licence is a critical step in legally offering finance as a motor dealer. So, let us handle the complexities and you can focus on running your business.
📞 Get in touch today to start your FCA application with confidence!
